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WorldCom gets court approval for $1.1 billion DIP
By Sara Rosenberg
New York, Oct. 15 - WorldCom Inc. received approval from the U.S. Bankruptcy Court for the Southern District of New York for up to $1.1 billion in debtor-in-possession financing.
"Today's decision by the Court to approve our request for $1.1 billion in DIP financing is another positive step in our plan to emerge from Chapter 11," said John S. Dubel, chief financial officer, in a news release. "It reflects that WorldCom is performing well in the market and that our cash position is better than expected."
WorldCom is a Clinton, Miss. telecommunications company.
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